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  • Need help with buyer agreement

    So I'm purchasing a Xstar at the end of July from a private party. The terms of the agreement were that I would wait till end of July to purchase boat for a cheaper price since owner is moving beginning of August and wanted to use until then. So we agreed on 10% down and he wouldn't list the boat. I want to be protected though so how should I write up a document to cover me if something were to happen to the boat from now until I pick up? I'm going out Wednesday to test drive and inspect to make sure everything is good. I want to be covered by all means.

    Thanks

  • #2
    Write up something that requires seller to keep the boat in the condition it was in at the time of the agreement. Excessive hours from there, upholstery, fittings will all affect your value. I hope that he made more concessions to you than just not listing the boat. Maybe you should even think about completing the sale and rent him the boat(?). Be plain about protecting your investment in any case. I hope this is a start for you.

    I'm not sure that I would have done this. Too much can go wrong over the next few weeks that you are out money and out of a boat.
    Bob

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    • #3
      Tell the owner to call you in August when ready to sell. He probably won't go through the trouble of listing the boat if he knows he has a ready buyer when the time comes. At the very least, make the deposit as small as possible -- I don't know the selling price, but 10% seems pretty high. Anything can happen to the boat or owner between now and then.

      / \

      Former boats:
      2003 Prostar 197 35th Anniversary
      1990 Prostar 190

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      • #4
        If I was giving him any money whatsoever, I'd want the titles.
        -Mike

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        • #5
          yikes! wouldn't be the path I would follow as a lot can happen in a month and a half... but as others have stated, I would want to see (even a copy of) papers for both the boat & trailer, take lots of pictures including hour meter, interior, etc. I would also put a reasonable limit on additional hours otherwise the final price would reflect. Also be sure to put a clause in that full deposit will be immediately refunded should any conditions changed...

          I like to trust people but I have found that most will take every possible advantage of you if given half a chance.

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          • #6
            You would need to set up an escrow account that he only gets access to when you complete the purchase. Kinda like a down payment on a house. That protects both of you, otherwise, you might just be buying his Summer fun and wondering where he went in August.

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            • #7
              You might even consider having the funds held in escrow only to be released when the deal is done. If you give him say, 5 grand, and he goes and spends it all... then the deal goes south and he can't pay you the 5 grand, there's not a lot you can do besides go after him in court. Have the funds put into escrow to show you're serious, when the sale goes through those funds are released to him. If the sale goes south, you can get your money back.
              -Mike

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              • #8
                Originally posted by shepherd View Post
                Tell the owner to call you in August when ready to sell. He probably won't go through the trouble of listing the boat if he knows he has a ready buyer when the time comes. At the very least, make the deposit as small as possible -- I don't know the selling price, but 10% seems pretty high. Anything can happen to the boat or owner between now and then.

                Take this free advice.
                Keep skiing!!!

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                • #9
                  Originally posted by André View Post
                  Take this free advice.
                  There always seems to be more boats for sale than buyers to buy them! You could find the perfect boat somewhere else before then. I'm sure the seller is thinking he does not want to loose a potential buyer and then have you get cold feet and back out. If this is the perfect boat, do the escrow. If not, leave it to the fates. If he still hasn't sold it in August and is about to move, the price might even come down a little.

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                  • #10
                    yea... this wasnt the best way to go about buying a boat

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                    • #11
                      How much of a price break are you really getting, I don't think I would be giving someone 10% down to wait a month, and he will obviously using it

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                      • #12
                        was about to do the same thing with a boat in FL but never heard back from the seller. Really started to get cold feet about giving a "down payment" on a boat and not picking it up for a few months.... actually surprised to see the boat still listed for sale.
                        1998 Stingray 180LX
                        2000 Infinity ZX-1 good riddens
                        2003 Prostar TT 197 sold

                        2007 Prostar TT 197.....special delivery from the dealer 3/18/08 sold 6/7/11

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                        • #13
                          You may find a better deal between now and August.

                          Theres always plenty of boats for sale.....esp at the end of the season with good prices.


                          Committing w/ a down pymnt now is not a good deal for you.

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                          • #14
                            Its a 2001 Xstar in pretty good shape for 15k. I've been looking for awhile for either a 01 or 02 xstar of 205v and haven't found anything here in the NW. I would wait to buy but these boats seem pretty rare. I even had a wanted ad up for months looking for this particular model and still no luck. I figure I'll write up a document to protect him and myself. I figure I'll still have a good 2 months to use the boat this year and I'll be getting a good price. How do I go about setting up a escrow for this?

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                            • #15
                              Just checked with my credit union and they don't deal with escrow for this type of thing. I figure I'll just write up a very detailed document and take a bunch of pictures. Give him like 500 down so he knows I won't walk away. Allow for like 20 hours usage and charge for any extra off the total purchase price. When I pick up the boat I will do another detailed inspection and test drive with owner before I pay remainder amount. I'll be sure to have him sign and date and get photo copies of titles on wednesday. If for some reason I get screwed I could deal with 500.00 loss but not a coupld grand.

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